China's economic slump isn't stopping a billionaire boom in AI chips [Yahoo! Finance]
Advanced Micro Devices, Inc. (AMD)
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Source: Yahoo! Finance
Surging investor interest in domestic AI and semiconductor stocks is driving rapid wealth gains. US chip bans are supercharging China's homegrown AI champions. China's deepening property crisis has crushed household wealth and dented the fortunes of some of its biggest tycoons — but a new class of AI-era billionaires is rising fast. This year, the standout winners are coming from China's red-hot AI chip sector. On Wednesday, shares of MetaX Integrated Circuits Shanghai — a GPU startup founded by former AMD executives — skyrocketed as much as 755% on their first day of trading on the Shanghai Stock Exchange's tech-focused STAR Market, before closing up about 700%. The surge catapulted its chairman and cofounder, Chen Weiliang, into one of China's fastest-rising tech moguls. Chen's stake in MetaX is worth about $6.5 billion, according to the Bloomberg Billionaires Index. Other early insiders also saw eye-popping paper gains. MetaX's other two cofounders and co-chief techn
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